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The Greek debt crisis simplified and updated and cut to the bone

Greece’s government must cut spending and improve tax revenue in order to greatly reduce or eliminate its need to borrow, reduce the cost of its output (via domestic deflation or leaving the Euro and depreciating a new currency) in order to restore the external balance between its imports and exports, and to reduce the impediments to economic efficiency and productivity growth so that its economy can grow more rapidly. How did it get in such a mess? What role was and is played by its use of the Euro? And what are its options?

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Italian priests’ secret mistresses ask pope to scrap celibacy rule

The issue was put back on the Vatican’s agenda in March when one of Pope Benedict’s senior advisers, Cardinal Christoph Schönborn, the archbishop of Vienna, said the abolition of the celibacy rule might curb sex abuse by priests, a suggestion he hastily withdrew after Benedict spoke up for “the principle of holy celibacy

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South Korean eastern fleet mobilized to locate North’s submarines

South Korea’s military lost track of four North Korean submarines in the East Sea is now trying to locate them, according to the Yonhap news agency. The submarines left their base at the east coast of the Korean peninsula to conduct naval training in the East Sea earlier this week, said a military official in…

The World Cup’s Stars Wear Their Flags

With 38 days, it begins. The World Cup captivates more people around the globe than any other event, sporting or otherwise. Every four years, in pubs and corporate boardrooms, thatched huts and flophouses, fans of “the Beautiful Game” gather around televisions and transistor radios—and now, for the deep of pocket, iPhones and 3-D flat screens—to…